Berkshire Hathaway terminates Burlington acquisition agreement following ruling
Burlington Industries Inc. said that Berkshire Hathaway, Inc. had terminated its Feb. 11, 2003 agreement to acquire Burlington. Under the
agreement, Burlington creditors would have received distributions estimated
at $579 million in cash.
Berkshire's action follows a ruling yesterday in a hearing in Burlington's reorganization case to consider procedures to solicit alternatives to the
Berkshire transaction. The bankruptcy court indicated it approved the procedures generally, but disapproved the break-up fee and certain other conditions required by Berkshire to proceed as a "stalking horse" in the
alternative bid process.